Ok, I’m in a pickle. I have narrowed it down to three schools. At one of these schools, I will be interviewing for their top scholarship at the end of the month. Only 35 people out of 300+ will receive it, but it pays for nearly everything, except about $3,000. It is a state school. The school I REALLY want to go to will cost me $17,000 (I will get 13,000 OUT OF 30,000 as long as I am accepted into honors college, which has a pretty high acceptance rate for people who qualify), which I will have to pay a huge chunk of with loans, since I don’t think we will get many grants from the government, and I’m having zero luck with private scholarships. My last option is the state school 30 minutes from my house, which I hold a full tuition scholarship to and can commute to, so I would only have to pay for my fees and parking permit. Obviously, it seems like one would go for the last option.
My parents told me to do what makes me happy. My friends all really want to see me go to the second school, because it’s literally all I have talked about since this summer. However, I do not want to have to take out soon many loans each year! I currently plan on being a lawyer, but who knows what I will end up majoring in in the long run, and I kind of want to be a stay-at-home mom in the future, so I don’t know if I will even be a lawyer. It would seem reasonable to not want to take out so many loans in case I choose a career that does not make a lot of money, especially since I am considering working in city government or for nonprofit organizations. I know I may not LOVE the local school, but in the long term, I will be much happier if loans don’t affect my life. I get stressed out as it is, and stress affects me physically and mentally, so I cannot imagine what it will do if I’m trying to find 17,000 a year for my education.
The local school is nice and has a beautiful campus. I have never been on an official tour, but I have walked around it with our school’s marching band, have sat in a classroom for an ACT prep, and played on their stage in their fine arts school. The only thing I don’t like is the hills! HAHA! I think a lot of people from my school either think no one smart goes there, or they just don’t want to go because it is so close to home, but the first one is definitely not true, or else they would not have an honors program.
WHAT SHOULD I DO?!!!
You cannot borrow more than the federal student loan limit ($5,500 freshman year, $6,500 sophomore year, $7,500 junior year, $7,500 senior year) without a fully qualified co-signer. So unless your parents will co-sign with you or borrow the difference with a PLUS loan that they will be responsible for, that second school is out.
Not to mention of course that taking on a combined debt of something like $70,000 for four years is not smart. Paying that off would be a long, painful process. Even worse if you end up going to law school and borrowing more money to pay for that.
Realistically, your options are the local school (and I’m sure there are plenty of smart students there who chose it for the very same reasons you would be choosing it) and the other state school if the scholarship comes through. Stop listening to your friends. They aren’t the ones paying for your education.
Run the numbers here so that you can feel better about the final decision when it comes time to make it: http://www.finaid.org/calculators/awardletteradvanced.phtml
Thanks, I will definitely use that! I kind of like the idea of going to the second school because I could take classes on Tuesdays and Thursdays and work the days that I don’t have school, and hopefully get a somewhat better paying job than the one that I hold now. I think it would prepare me better for the real world, and I have to get a new car so it would help me learn to actually pay for things without loading on a TON at once. Plus, the second school is on the other side of the country, so I will have to pay 300+ just to fly home to see my family on the holidays. Its just unrealistic. I want to be able to go to whatever law school I want to, and if I have tons of undergrad debt, that just wouldn’t be possible.
And for me, since I am a first gen student, I am so thankful to have a full tuition scholarship. My friends’ parents went to school so it isn’t as big of a deal to them and they can be picky about where they go. I just realize that most first gen students don’t have this opportunity and I should be grateful for it.
A full tuition scholarship is a big deal for anyone. Congratulations on that!
It’s possible that some of your friends really don’t have to worry about the cost of their college educations, but it also is likely that at least a few of them will be facing tough decisions after they get their admissions and financial aid offers in April. You are ahead of the curve on this. Congratulations for that too!
Thanks. I never imagined going to this school but now it isn’t such a bad idea. I try to consider the long-term effects of going here, besides being happy and having a “normal” college experience. I can still be a part of the campus and make plenty of friends even as a commuter.
Check out what the honors college entails - how many students are in it? How many classes do you take in it (1/5? 3/5?) What perks do you get (special housing - very important to foster community? Priority registration?) What’s the 4-year graduation rate in the honors college? for the university at large? What percentage students there scored at your level - and how many students are in the freshman class? How big is the difference between your SAT total results/2400 or /1600, and the average results at that school?
If the difference is 250-300/2400 (Ie;, their average is 1550 and you have 1850, or their average is 1800 and you have 2100) it’s probably not a great idea - it can be a solution, but you may not be pushed to work at your level.
For the second school, that would cost $17,000 - is that tota cost of attendance or just tuition? Is $17,000 how much is left after a scholarship, or how much is left after they’ve deducted various forms of aid?
How much can you contribute from a summer job? How much can you contribute with work study? How much can your parents contribute?
(You have $5,500 in loans from the federal government; then perhaps $3,000 from a summer job and $3,000 for the year’s work study, that leaves about $6,000 for your parents to pay if $17,000 is the full cost of attendance. If that amount doesn’t include room&board, that school is unaffordable).
And of course, the state school with the great scholarship competition could be just want you need - affordable and better than School 3, but more affordable than “Dream School”.
If you end up going to your local option (and yes, a full-ride is a big deal - congrats!!!), think of all the enrichment you will be able to do for yourself! Study abroad for a year in the country of your choice for junior year - and travel while you are there. Decide to live off campus even if you are only 30 min from home once you’ve found some good friends. Take that interesting but non-paying summer internship instead of having to work a minimum wage job to pay your way. Take an extra class or do an EC on campus instead of having to work during the academic year. When you graduate, take the job you want, not the one that pays the best because you have loans. Most importantly, no one cares where you did your undergrad if you are going to grad school. Being free of financial burdens when you graduate is a huge gift to yourself. Start enjoying it right now.